Poor economic policy, another 1.5m out of jobs

The Nigerian Bureau of Statistics, NBS has revealed that the administration of President Muhammadu Buhari has put yet another 1.5 million Nigerians out of employment in the first quarter of 2016, a figure that shows President Buhari’s poor economic direction.

In its unemployment and underemployment report released on Friday, NBS said the country’s

unemployment rate grew from 10.4% in the last quarter in 2015 to 12.1%.

It will be recalled that in the last unemployment statistics released for the second half of 2015, it shows that in 10 months, at least 1,972,722 Nigerians were put out of jobs, still under Buhari’s government.

With this new influx of individuals into the job market, Nigeria’s unemployment profile rises to 8.03 million, which is about 4% of the world’s unemployed.

According to the report, Nigeria’s working population grew from 104.3 million in Q3 (3rd quarter) 2015 to 105.02 million in Q4 2015

In this new NBS report, the economically active population or working age population (persons within ages 15- 64) increased from 105.02 million in Q4 2015 to 106.0 million in Q1 2016. .“In Q1 2016, the labour force population (i.e. those within the working age population willing, able and actively looking for work) increased to 78.4 million from 76.9million in q4 2015.

“This means an additional 1,528,647 economically active persons within 15-64 entered the labour force. That is Nigerians that were able willing and actively looking for work between January 1 and March 31 2016.

“Within the same period, the total number in full time employment (did any form of work for at least 40 hours) decreased by 528,148 persons or 0.97%.

“This consists of people who lost their jobs and were either forced or for various reasons chose to move from full time employment to underemployment.

“Within the same period, the number of unemployed in the labour force, increased by 1,449,18 persons (increase of 518,000 between Q3 and Q4 2015) between Q4 2015 and Q1 2016,” the NBS report states.

Youth unemployment also rose to 42.24%, as 15.2 million youths remain unemployed in the economy.

“Accordingly, out of a total youth labour force of 38.2 million (representing 48.7% of total labour force in Nigeria of 78.48mn), a total of 15.2mn of them were either unemployed or underemployed in Q1 2016 representing a youth unemployment rate of 42.24%.”

While others have backed the president to revive the economy, others have condemned Buhari for his lack of economic policy direction.